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RUST-OLEUM acquires UK Fiberglass Safety Products SupplierAcquisition FibreGrid
14-12-2009MEDINA, Ohio, Dec. 14 - RPM International Inc. (NYSE: RPM) today announced that its subsidiary, Rust-Oleum Corporation, has acquired FibreGrid Limited, a supplier of fiberglass anti-slip safety products based in the United Kingdom. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
FibreGrid, which has annual sales of approximately $3.5 million, manufactures innovative glass reinforced plastic safety products for anti-slip applications such as stair tread covers and noses, riser plates, ladder rungs, decking strips, flooring and matting. Among its clients are small businesses, warehouses, schools and municipalities. Most of FibreGrid's orders involve custom cutting and colors, 24-hour turnaround and small quantities.
"FibreGrid will become a business unit within our Watco UK Limited business, which is part of Rust-Oleum. Watco has been selling FibreGrid products for many years, has a similar business model and can leverage its marketing expertise to support FibreGrid's growth. FibreGrid's founder, Rob Cousin, will remain involved in the business and his son, Scott, will continue running day-to-day operations," stated Frank C. Sullivan, RPM chairman and chief executive officer.